TAIWAN FUTURES EXCHANGE-Products-Equity Index Futures-S&P 500 Futures

Item	Description
Underlying Index	S&P 500^® Index
Ticker Symbol	SPF
Trading Hours (Taipei Time)	Trading days conform to regular exchange trading days Regular Session: 8:45~13:45 After-hours Session: 15:00~5:00. The expiring contract on the last trading day trades until 22:30. In the event during the U.S. Daylight Saving Time, trading in the expiring contract shall end at 21:30.
Contract Size	TWD 200 x TAIFEX S&P 500 Futures Price
Delivery Months	Five months in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
Daily Settlement Price	The daily settlement price is the volume weighted average price, which is calculated by dividing the value of trades by the volume within the last one minute, or as otherwise determined by TAIFEX according to the Trading Rules.
Daily Price Limit	3-Level Price Limits at ±7%, ±13% and ±20% of the daily settlement price of the preceding regular trading session
Minimum Price Fluctuation	0.25 index points (TWD 50)
Last Trading Day	The third Friday of the contract expiration month (If the third Friday is a non-business day of TAIFEX or a day on which S&P 500 Index is not scheduled to be published, the last trading day shall be the preceding business day at TAIFEX and on which the S&P 500 Index is scheduled to be published)
Final Settlement Day	The first business day following the last trading day
Final Settlement Price	Special Opening Quotation (SOQ) of the S&P 500 Index on the last trading day
Settlement	Cash settlement
Position Limit	Any investor's aggregate open same-side positions in the Contract for various delivery months at any time shall not exceed the limit standards announced by TAIFEX. Institutional investors may apply for an exemption from the above limit on trading accounts for hedging purposes. These position limits are not applicable to omnibus accounts, with the exception of undisclosed omnibus accounts which are subject to the limits for institutional investors.
Margin	The trading margin and the maintenance margin may not be lower than the publicly announced TAIFEX standard for the initial margin and the maintenance margin. The initial margin and maintenance margin announced by the TAIFEX shall be based on the clearing margin calculated according to the Taiwan Futures Exchange Corporation Methods and Standards for Receipt of Clearing Margins plus a percentage prescribed by the TAIFEX.

The last trading day shall be adjusted accordingly as follows, provided that the TAIFEX may adjust that date in view of market circumstances:

If the third Friday of the delivery month is a non-business day of the TAIFEX or a day on which S&P 500® Index is not scheduled to be published, the last trading day shall be changed to the preceding business day both on TAIFEX and on which the S&P 500® Index is scheduled to be published.
If trading during the after-hours trading session on the last trading day cannot proceed due to a force majeure event or other factors, the next following business day, both on TAIFEX and on which the S&P 500® Index is scheduled to be published, shall be the last trading day.

(Please refer to Trading Rules.)

* S&P Dow Jones Indices LLC (“SPDJI”) and Chicago Mercantile Exchange Inc. (“CME” and together with SPDJI, the “Index Licensors”) license the Exchange to use various S&P Stock Indices (the “S&P Stock Indices”) in connection with the trading of futures contracts and options on futures contracts based upon such indices. Neither of the Index Licensors shall have any liability for any damages, claims, losses or expenses caused by any errors or delays in calculating or disseminating the S&P Stock Indices or special open quotations in connection therewith.

* Neither Index Licensor guarantees the accuracy and/or completeness of the S&P Stock Indices, special open quotations (“SOQ”) or any data included therein. Neither Index Licensor makes any warranty, express or implied, as to the results to be obtained by any person or any entity from the use of the S&P Stock Indices, SOQ or any data included therein in connection with the trading of futures contracts, options on futures contracts or any other use. Neither Index Licensor makes any express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the S&P Stock Indices, SOQ or any data included therein. Without limiting any of the foregoing, in no event shall any Index Licensor have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.